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VIX

Turn Volatility to Your Advantage.

Cboe VIX® options enable market participants to hedge portfolio volatility risk distinct from market price risk and trade based on their view of the future direction or movement of volatility.

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Overview

The Cboe Volatility Index® (VIX® Index) is considered by many to be the world's premier barometer of equity market volatility. The VIX Index is based on real-time prices of options on the S&P 500® Index (SPX) and is designed to reflect investors' consensus view of future (30-day) expected stock market volatility. The VIX Index is often referred to as the market's "fear gauge".

Making Sense of the VIX Index

The Next Generation of Volatility Products

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Options on VIX® Futures

Trade volatility with greater precision by accessing shorter-term VIX exposure.

Options on VIX Futures

Settlement of VIX Derivatives

The VIX Index settlement process is patterned after the process used to settle A.M.-settled S&P 500 Index options. The final settlement value for Volatility Derivatives is determined on the morning of their expiration date (usually a Wednesday) through a Special Opening Quotation ("SOQ") of the VIX Index. By providing market participants with a mechanism to buy and sell SPX options at the prices that are used to calculate the final settlement value for Volatility Derivatives, the VIX Index settlement process is "tradable."

Key Resources

Monthly and weekly expirations in VIX options are available and trade during U.S. regular trading hours and during a limited global trading hours session (8:15pm ET - 9:25am ET). Additionally, the VIX Index is calculated and disseminated overnight, providing market participants with real-time volatility information whenever news breaks.

Contract Specification

VIX Options Analytics

Get analysis on VIX Options and the rest of the U.S.-listed options market with Cboe LiveVol analytics platforms. LiveVol’s web-based platforms provide everything you need to quickly analyze trading activity and identify opportunities.

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There are important risks associated with transacting in any of the Cboe Company products discussed here.  Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: Disclosures and Disclaimers Related to Cboe Options and Futures Products. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle.